§ 26-7. Surety bond.

(a)

A grantee shall maintain and by its acceptance of the franchise specifically agree that it will maintain throughout the term of the franchise a faithful performance, license and franchise bond running in favor of the city, written by an approved corporate surety in the penal sum of $50,000.00, conditioned that a grantee shall well and truly observe, fulfill and perform each term and condition of the franchise and that in case of any breach of condition of the bond, the amount thereof shall be recoverable from the principal and sureties thereof for all damages resulting from the failure of a grantee to well and faithfully observe and perform any provision of the franchise.

(b)

A grantee shall pay all premiums chargeable for the bond and shall keep the same in force and effect at all times throughout the term of the franchise, including the removal of all poles, wires, cables, underground conduits, manholes and other conductors and fixtures incident to the maintenance and operation of the CATV system as defined in the franchise.

(c)

The bond shall contain a provision that it shall not be terminated or otherwise allowed to expire prior to 30 days after written notice to that effect is given to the city and a grantee herein.

(d)

The bond shall be in a form satisfactory to the city, and a duplicate copy of it, along with written evidence of payment of the required premiums, shall be filed with the city during the term of the franchise.

(Code 1976, § 8-7)